Wisconsin native, conservative critic of everything.
"Once abolish the God, and the government becomes the God." ---G K Chesterton
"The only objective of Liberty is Life" --G K Chesterton
"Fallacies do not cease to be fallacies because they become fashions" --G K Chesterton
"A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling

Thursday, November 06, 2008

What Did Walker Actually "Win"?

The Milwaukee County Board handed County Executive Scott Walker two victories today with multi-million-dollar, long-term implications.

The board authorized a $400 million, 30-year borrowing plan aimed at paying down and stabilizing the county's $700 million pension debt - a new version of an idea resisted by the board in previous years as too risky. The county hopes to save millions of dollars by borrowing the money at about 6% and investing it at 8%.

The JSOnline refers to this as a "win" for Walker.

It may be--assuming he can borrow at 6% and earn 8%. But "earning 8" these days is more than difficult.

And it may be possible for Milwaukee County to borrow at 6--but even the Elmbrook School District can't get better than 4.5% borrowing-rate these days. This should be, ah,.....interesting.